Blackberry new CEO to get $1 mn basic pay, bonus of $ 2mn

Smartphone maker BlackBerry has offered basic salary of USD 1 million and performance bonus of USD 2 million apart from other perquisites in remuneration package to its new CEO John S Chen.
"BlackBerry will enter into an employment agreement with Mr Chen...Chen's remuneration will include base salary of USD 1,000,000 and performance bonus of USD 2,000,000," BlackBerry said in its regulatory filing.
Apart from this, the new Blackberry CEO will be granted 13,000,000 restricted share units vesting as to 25 per cent on the third and fourth anniversary dates of his employment, with the balance vesting on the fifth anniversary.

The struggling Blackberry under new transition plan will replace Chief Executive Officer Thorsten Heins with Chen, a director in Wells Fargo and The Walt Disney Company, as interim CEO.
In case Chen's employment is terminated without cause, he will be entitled to be paid his salary for the remainder of the year in which he is terminated as well as two times his base salary and two times his base bonus amounting to USD 6 million.
He will also be entitled to benefits, excluding those relating to transportation, for 18 months following such termination.
The struggling smartphone maker earlier this week scrapped a sale plan and said it would instead raise as much as $1.25 billion through convertible debentures.

Prem Watsa-led Fairfax Financial, the firm that signed a tentative agreement in September to acquire BlackBerry for USD 4.7 billion, will invest USD 250 million in the convertible debentures, BlackBerry said. Fairfax holds 10 per cent in the company.